Home Business Sensex falls marginally 34 points to extend losses for second straight session

Sensex falls marginally 34 points to extend losses for second straight session

Stock market India: Sensex closed in red mark

The Sensex index ended in the red with losses for the second straight day on Monday after seeing-saw between gains and losses in a volatile session.

At the start of the session, a rise in crude oil prices put pressure on domestic stocks, while strong service activity readings helped Indian shares recover from the day’s lows.

The BSE Sensex index closed 33.9 points lower at 62,834.60, while the broader NSE Nifty index settled 0.03 per cent higher at 18,701.05.

“Positive services PMI data could start recovery from lower levels in intraday trade,” Srikant Chauhan, head of equity research for retail at Kotak Services, told Reuters.

A business survey showed that in November, India’s services activity grew at its fastest pace in three months on strong demand, pushing company confidence to its highest level since January 2015.

However, the study also showed that higher input costs resulted in businesses raising prices at the fastest rate in nearly five and a half years, which could lead to an increase in overall inflation.

The data comes as the RBI begins its 3-day monetary policy meeting on Monday, with announcements to be made on Wednesday.

Risk sentiment improved in broader global equity markets, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 3.7 percent last week.

But a 1.4 per cent rise in oil prices, which is a matter of concern as India is one of the biggest consumers of the commodity, increased the pressure on Indian assets.

Mr Chouhan of Kotak said markets are likely to remain volatile ahead of the state election results later this week, as traders try to “manage their positions”.

But as the direction of US rate policy hampered potential gains in European equities and US futures, early enthusiasm faded over China’s efforts to further ease COVID restrictions.

Last week’s US jobs report was hotter than expected, and a rise in average hourly earnings signaled new inflation concerns are troubling markets.

According to Bloomberg, ING Grope NV strategists including Antoine Bouvet wrote in a note, “We still think the Fed has no business trading in the 3.5 percent zone if the Fed continues to raise rates to nearly 5 percent.” Used to be.”

After the S&P 500 index climbed above its 200-day moving average last week, strategists at Morgan Stanley expect a continuation of the downtrend that has been in place since the beginning of the year.

Investors would be better off taking profits, according to Michael Wilson, one of the most vocal opponents of the US stock market, according to Bloomberg.

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